CORPORATIONS ACT 2001 - SECT 1070A Nature of shares and certain other interests in a company or registered scheme

CORPORATIONS ACT 2001 - SECT 1070A

  (1)   A share, other interest of a member in a company or interest of a person in a registered scheme:

  (a)   is personal property; and

  (b)   is transferable or transmissible as provided by:

  (i)   the company's, or scheme's, constitution; or

  (ii)   the operating rules of a prescribed CS facility if they are applicable; and

  (c)   is capable of devolution by will or by operation of law.

  (2)   Paragraph   (1)(c) has effect subject to:

  (a)   in the case of a company:

  (i)   the company's constitution (if any); and

  (ii)   any replaceable rules that apply to the company; and

  (iii)   the operating rules of a prescribed CS facility if they apply to the share or interest; and

  (b)   in the case of a scheme:

  (i)   the scheme's constitution; and

  (ii)   the operating rules of a prescribed CS facility if they apply to the interest.

  (3)   Subject to subsection   (1):

  (a)   the laws applicable to ownership of, and dealing with, personal property apply to a share, other interest of a member in a company or interest of a person in a registered scheme as they apply to other property; and

  (b)   equitable interests in respect of a share, interest of a member in a company or other interest of a person in a registered scheme may be created, dealt with and enforced as in the case of other personal property.

  (4)   For the purposes of any law, a share, other interest of a member in a company or interest of a person in a registered scheme is taken to be situated:

  (a)   if the share, interest in a company, or interest in a registered scheme is entered on the register kept under section   169--in the State or Territory where that register is kept; or

  (b)   if the share or interest in the company is entered on an overseas branch register kept under section   178--in the foreign country where that register is kept.